E-Paper
Machhiwara farmer loses ₹3.72 cr to investment scam
By February 10, 2025, Pandhi had transferred a total of ₹3.72 crore into various accounts. When all efforts of recovering his savings went in vain, it was only then that he realised that he had fallen victim to a cyber fraud and approached the police
Another cyber fraud came to light in Machhiwara when a farmer lost ₹3.72 crore after being lured into a foreign -exchange (Forex) trading scheme on social media. According to the complainant the accused had shown 300 percent growth in his account created on a mobile application to win his trust.
According to the police complaint, 57-year-old Sanjeev Pandhi, a resident of Krishnapuri Mohalla of Machhiwara, was contacted by an unknown woman on the Telegram app. She persuaded him to invest in forex trading, promising threefold returns.
Following her instructions, Pandhi opened a trading account with Admiral Markets Global Limited and transactions began through this account.
He stated that between various dates until December 18, 2024, he transferred a total of ₹1.04 crore into the forex trading account. He was shown that he was earning profits and his account was made to reflect a balance of ₹3.66 crore, making him believe that the scheme was indeed legitimate.
However, when Pandhi attempted to withdraw the money, he was unable to do so. The fraudsters made an additional demand of ₹24 lakh to be submitted as tax, which he paid.
Even after making the payment, he was informed that his account had been “frozen” since the amount exceeded ₹1 crore. Therefore, the schemers told the unsuspecting Pandhi to deposit an additional ₹80 lakh to unlock his funds. Hoping to recover his initial investment, he followed their instructions, continuing the process of transferring money.
By February 10, 2025, Pandhi had transferred a total of ₹3.72 crore into various accounts. When all efforts of recovering his savings went in vain, it was only then that he realised that he had fallen victim to a cyber fraud and approached the police.
The Khanna Cybercrime Police have launched an investigation and are using digital tracking methods to identify the culprits.
Station house officer of Cybercrime Police Station, Khanna, inspector Gurpartap Singh, stated that an FIR under Sections 318(4) of the Bharatiya Nyaya Sanhita and Section 66 (D) of the Information and Technology Act has been lodged against unidentified accused.
